Buying with default

James91

Hi everyone ,

My partner and I are looking to apply for a mortgage next month when one of my 2 defaults falls off my account . This default is for £1074 the other that comes off in December 2020 is around £450 . Both settled a while back . We have around 10% deposit . My credit score on Experian is "poor" however this is also "excellent" on Equifax :undecided . My partners in "excellent" on Experian . Is there anyone who knows if we will be successful or can point us in the right direction , thanks

Bermonia

The simple answer is ‘no’, no one can tell you if you will be successful - you would simply need to apply and cross your fingers, would strongly advise finding a good broker who is unfazed by your situation. Also worth waiting till latest default drops of your file... don’t assume it will be when you think it will, check and only apply once this is no longer showing - ideally would suggest waiting till all defaults gone but assume you don’t wanna hang around that long.

amnblog

Yes, a Broker will know 'if you will be successful and can point you in the right direction'.

The credit history in itself will not be a barrier to lending.

muhandis

Having settled defaults from a few years ago does not by itself stop you from getting a mortgage.

A decent broker will look at the entirety of your circumstances and see what lenders might suit your particular situation.

Please don't apply directly to lenders, as you would not know what their particular eligibility criteria are.

James91 wrote: »

Hi everyone ,

My partner and I are looking to apply for a mortgage next month when one of my 2 defaults falls off my account . This default is for £1074 the other that comes off in December 2020 is around £450 . Both settled a while back . We have around 10% deposit . My credit score on Experian is "poor" however this is also "excellent" on Equifax :undecided . My partners in "excellent" on Experian . Is there anyone who knows if we will be successful or can point us in the right direction , thanks